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tv   CBS Morning News  CBS  August 11, 2011 4:00am-4:30am PDT

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high anxiety, after another bloody day on wall stre, high anxiety, after another bloody day on wall street, will the market rally or tank even more? payback, the u.s. takes out the taliban fighters who shot down the navy s.e.a.l.s helicopter in afghanistan. and captured, the long arm of the law finally catches up with the florida family on the run. captioning funded by cbs >> good morning. thanks for joining us. i'm randall pinkston in for betty nguyen. expect more whiplash on wall street today, after rallying for over 400 points on tuesday, the dow lost all of that and more yesterday. it plummeted over 500 points, a
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drop of almost 5%. it's the lowest close for the market in two years. so far this year, the dow has lost more than 7.5%. and the asian markets are also wobbling but appear to have stopped the bleeding. both tokyo's nikkei slipped, hong kong's hang seng fell about 1% although the markets saw some slight gains. joining us here in new york with more on the markets is alexis christoforous from "cbs moneywatch." good morning, alexis. >> good morning, randall. >> this sell-off didn't start a few days ago it began a few weeks ago. >> it's been week now. there's really no rest for the weary on wall street. >> what's driving it? >> it's two-fold. we have an economy in the u.s. that continues to slow down. in fact this week the federal reserve warned that we're going to have a weak economy for at lee the next two years. there's a real fear here we could teeter into another recession and then of course all the problems going on in europe. because we are such a global economy if europe's debt
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problems get any worse, if economies there falter it will affect us, because about 30% of sales of most of the s&p 500 companies come from europe so it has a big ripple effect here. >> so we're looking at wall street going down on monday, 600 points, up on tuesday 400 points, down 500 points yesterday. why all the big swings? >> you mentioned whiplash and that's a great way to describe it. a lot of it is also computer-driven training. this is a modern economy and a modern stock market. sometimes there are computer trades that can affect the market and we see these big swings, but there's also a lot of fear-based selling. a lot of selling is emotional, is about confidence and there just isn't any right now. >> how much of is this is about the economy and how much of it is about gridlock in washington? listen to what one analyst told us. >> i think this has more to do with the political structure. people are looking for some form of confidence boost from the white house, and the overall
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political machine. the investment community is not getting it and that's what you see in the marketplace. >> alexis, i have to ask, what could the white house possibly do? >> i think the damage has already been done, randall. this debt deal was really a debacle in washington. when standard & poor's downgraded the u.s.'s credit rating last week it cited the problems in congress and said it didn't know whether the u.s. congress would be able to get the u.s.'s fiscal house in order. i think there's little the government can do except bring congress back from their break earlier and try to get some real deals on the table to meaningfully bring down this country's debt. >> alexis christoforous from cbs's "cbs moneywatch," thank you for being with us. much appreciated. >> thanks. president obama called his top economic advisers to the white house yesterday to discuss the volatile stock market and the financial crisis in europe. both federal reserve chairman ben bernanke and treasury secretary timothy geithner were there. the president is scheduled to meet withis with leaders later this tweak. a new survey suggests
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americans are becoming increasingly angry over washington's inability to fix the troubled economy. "the washington post" poll says three-quarters of those surveyed don't think the federal government is able to solve economic troubles. 67% say they have little to no confidence in president obama to make the right decisions about the nation's economic future, and 81% say they don't believe republicans in congress can make the right economic decisions for the nation. in other news, nato says five of its service members have been killed in action today. the statement says they died in a roadside bombing in southern afghanistan. also in afghanistan, payback, the u.s. military said it killed the taliban fighters who shot down a u.s. helicopter last saturday. more than two dozen americans were on board at the time. more on the story from david martin. reporter: after what is
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described as an exhausted manhunt, an air strike has exacted bitter revenge for the killing of those 30 americans. >> coalition forces killed the taliban insurgents responsible for this attack against the helicopter. >> reporter: speaking from his headquarters in kabul, general john allen, the new commander in afghanistan, said on monday night an f-16 killed the specific insurgent who fired the rocket propelled grenade that brought down the helicopter killing the 30 american and eight afghan commandos. allen described the original mission that led to the tragedy, a raid by army rangers on a taliban leader's compound in which six insurgents were killed. >> we saw some significant success occurring on the objective itself but there were elements that were escaping. >> reporter: the chinoook with its team of navy s.e.a.l.s aboard was called in to keep the insurgents from getting away but it came under small arms fire and then was hit by the rocket propelled grenade which brought it down. the insurgents fled and were trying to get out of the country, back to safe havens in pakistan. but through radio intercepts and
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tips from local afghans they were tracked to a compound, where an f-16 caught up with them. as for the taliban leader who was the target of the original raid, he got away. david martin, cbs news, the pentagon. a hollywood movie about the u.s. special forces raid that killed osama bin laden has sparked a political controversy. it will be directed by kathryn bigelow who did "the hurt locker." peter king, chairman of the house homeland security committee wants an investigation. he wrote to the cia and the defense department questioning why the white house is cooperating with hollywood. >> i want the inspector-general to assure me and assure the congress there's enough precautions in place to make sure no sensitive or classified information is going to be revealed. >> the obama administration is dismissing keith's claim and says no sensitive information is being released.
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>> the most specific information we've given from this white house about the actual raid i read to you from this podium. so it's just simply false. >> the movie is expected to be released in october of next year, one month before the presidential election. and what sounds like the end to a hollywood movie, the nationwide manhunt to capture the dougherty gang ended in colorado yesterday with a high-speed chase and shoot-out. florida officials say the trio will be brought back to the sunshine state and "brought to justice." joel brown has more. >> reporter: the week-long manhunt ended with this car crash in walsenburg, colorado. authorities say the dougherty siblings ran off the road after a high speed police chase and then tried to get away on foot. witnesses saw the commotion and some tried to jump in and subdue one of the fugitive siblings. >> i grabbed him. he put up a fight. i plunge him around,
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grabbed him, yanked him down to the ground and he just said "i give up." >> reporter: 21-year-old ryan dougherty, his 29-year-old sister lee and 26-year-old brother dylan were all arrested. police say they shot lee after she tried to run, and pointed a gun at an officer. >> fortunately we were able to see a positive result. >> reporter: police nationwide have been on the lookout for the doughertys since they fled from police in florida last week. the trio was speeding, refused to pull over and allegedly fired at least 20 shots at an officer's car. hours later the siblings were spotted in georgia. police say they robbed this bank in valdosta. the robbers wore masks, one fired an ak-47 into the ceiling. no one was hurt, but tuesday, the search shifted to colorado. the fbi believed the siblings were headed to the hills to hide after suspects matching their descriptions were spotted buying camping gear near colorado
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springs. the manhunt was over hours later, and after the chase and the crash, all three are in custody with minor injuries. joel brown, cbs news. the alleged barefoot bandit has reportedly signed a movie deal. colton harris moore will be sentenced in october for a cross-country crime spree that made him a folk hero on the internet. the deal is reportedly worth $1.3 million, all of which will go to help repay his victims. just ahead on the "morning news" 911 tries to break into the 21st century. plus a major break-through in the battle against leukemia. this is the "cbs morning news." [ male announcer ] this...is the network --
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the hero police officer jumped from one tower of the building to another to save him. the government wants people to be able to send text messages to 911 during an emergency. the federal communications commission announced plans on wednesday to address the technical challenges to make that happen. it may take more than five years before the service is available. in health news, a new medical study is generating intense interest among cancer researchers. it's a pioneering concept for a new way to fight cancer. for the first time scientists have successfully used a patient's own blood cells to wipe out a type of cancer. dr. jon lapook reports. >> reporter: for years researchers have been trying to figure out a way to kill cancer cells using a patient's own cells. a victory for dr. carl june and his team at the pennsylvania university school of medicine. >> this is a form of personal
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surgery. that's the wave of the future. >> reporter: chronic lymphocytic leukemia is a type of blood cancer, the only known cure is a bone marrow treatment. which is risky and only effective in about half of patients. in this new approach scientists use the patient's own t-cells. scientists remove the t-cells, white blood cells that help fight infection such as bacteria. genetically reprogram them to attack leukemia cells and inject them back into the patient. researchers treated three patients with cll. in two the dark circles were completely gone six months after the therapy. >> the clinical doctor was astonished and so were the patients that a single infusion of the cells could have such pronounced anti-tumor effects. >> this new treatment does have significant side effects. the most common is a very bad flu-like illness but so far all three patients who had incurrable leukemia and no other option are doing well about a year after treatment. this is kind of like giving a scent to a bloodhound.
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the t-cells are given the scent of the leukemia cells and hunt them down and the hope in the future is to give the t-cells the scent of colon cancer, breast cancer and other cancels, train them to kill all kinds of tumors, that would be extraordinarily exciting. dr. jon lapook, cbs news, new york. straight ahead, your thursday morning weather. in sports, some great "d" as the diamondbacks take on the astros. "d" as the diamondbacks take on the astros. world with fewer chemicals. we all want the best of both worlds. introducing all free clear oxi-active. a powerful new detergent without dyes or perfumes that helps get out your toughest dirt and stains. its added natural cleaning boosters help get your whole family's wash incredibly clean. tough on stains. gentle on skin. new all free clear oxi-active.
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here's a look at the here's a look at the weather in some cities around the country. new york sunny, 82 degrees. miami thunderstorms 91. 80 degrees and sunny in chicago. dallas partly sunny, 105. l.a., partly sunny, 80. time now for a check of the national forecast. the latest satellite picture shows a few thunderstorms showing up in the south and into the plains. most of the rest of the country is looking at clear skies. later today, hail and heavy rain forecast for much of the plains. some rare rain expected in texas and mild temperatures in the northeast and midwest. in sports, rack up another hit for the braves dan uggla. in the first inning against the marlins uggla smacked a single up the middle to extend his hitting streak to 31 games and
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he kept going 3 for 5. atlanta sweeps florida 6-2. in cleveland, the indians astroball cabrera gets nailed in the foot by a pitch. he'd later leave the game against detroit. jason kipna goes 5 for 5 helping beat the tigers 10-3. a big mess-up by astros jeff fulchino, gets flustered, the ball is dropped and d'backs rye yab rob ryan roberts scores from third. arizona the win 6-3 over houston. in football the eagles snap up another high profile free agent, lured wide receiver steve smith away from the new york giants. smith suffered a knee injury last december and is still unable to practice. he is the sixth pro bowler grabbed by philadelphia this offseason. when we return, another look at this morning's top stories, and the looters in london turn against one of their own. a look at what's sparking the lawlessness.
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now we're learning new details about the gang war.. that killed a child in oakland. why police won't say if the shooter has been caught. the budget crisis leaves homeowners paying a new fire fee. why the money isn't actually being used to fight fires. it's like sleeping on sacred ground. how hundreds of giants fans turned at&t park into a real life field of dreams. and.. will it be another brutal day on wall street? join us for cbs 5 early edition,
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on the "cbs morning news," here's a look at today's weather. hail and gusty winds likely in the plains and parts of the south. the south will have scattered storms. parts of arizona and new mexico will have monsoon rains later in the day. here's another look at this morning's top stories. it promises to be another chaotic day on wall street after the dow fell over 500 points yesterday. asian markets also fell this morning, but only by about 1%. and the u.s. military says it has killed the taliban fighters in afghanistan who shot down a u.s. helicopter last saturday. 30 americans, including 22 navy s.e.a.l.s, died in that attack. the british parliament meets today in an emergency session to deal with the deadly rioting that has spread to more than a dozen cities around england.
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prime minister david cameron is promising to stop the looting and violence. a stronger police response has calmed down most cities but no one is breathing easy just yet. mark phillips reports. >> reporter: of all the wholesale robbery and thuggery that has taken place on britain's streets this week, one incident has stood out. an injured kid sits bleeding and stunned on the sidewalk, some of the apparent looters surround him, seemingly to provide comfort, but as he is being distracted from the front, he's being robbed from the back. his backpack opened and rifled through, what looks like his wallet stolen. the pure callousness of the incident has galvanized feelings, including the prime minister's. >> when we see the gis dusting sight of an injured young man with people pretending to help him while they are robbing him t is clear there are things that are badly wrong in our society. >> reporter: two questions asked
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about the lawlessness, when will this stop and why is it happening? some of the looters provided answers to at least the second question. >> reporter: that attitude has brought the police onto the street and it's brought out the vigilantes. they call themselves anti-riot squads. citizens determined to do what they feel the police have been unable to do. but there are dangers. three men were killed in birmingham, runned down by a speeding car as they tried to protect the family business, leaving enflamed feelings and a grieving father. the levels of street violence have dropped off since their peak, but the emotional backlash is rising. the fear of those still guarding their communities is not just more rioting, it's a reprisal. mark phillips, cbs news, london.
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this morning on "the early show," the latest on the huge losses on wall street. i'm randall pinkston. this is the "cbs morning news." ♪ ♪ ♪ ♪ introducing purina one beyond a new food for your cat or dog.
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introducing purina one beyond
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on your mark, get set, moo. [ mooing ] >> a big moolahpalooza contest at the wisconsin state fair on wednesday, some of the best cow impersonators competed for cash and other prizes. the winner was 18-year-old brandon rogers. >> i was actually really surprised. i had a really good moo but there were a lot of good ones out there as well. really good competitions this year. [ mooing ] >> brandon says he plans to put the moolah in a fund to help pay for college.
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at the iowa state fair they've come up with a new sensation this year. you've seen corndogs on a stick and ice cream on a stick but how about butter on a stick? derrick hanson of kcci station in des moines has more. >> reporter: maybe you've heard to honor the butter cow's 100th birthday they're selling butter on a stick at the iowa state fair but it doesn't look like this because a stick of butter, that would be just gross. so at a fair known for wild food, larry five knew he had a new opportunity and grossness in front of him. >> whenever you say butter on a stick, people think of a stick of butter running down their face and doesn't sound too good. >> reporter: he started by shoving a stick into a creamy slab. >> an eighth of a pound of butter. we dip -- >> reporter: into a batter of cinnamon and honey. then it visits the oily fryer into three oily minutes.
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then it resurfaces into a glaze. take a bite you'll find that fryer melted the butter. >> most of it is melted into the mix, a little bit of butter might run out but the lion's share melts into the mix. >> reporter: juicing up. >> the butter kind of leaks all over me. >> reporter: that breakfasty batter. >> tastes like a cinnamon roll kind of. >> one person tried it said it reminds them of french toast. >> reporter: no one will mistake a fried butter log for health food. >> probably not. >> reporter: larry's pretty sure the $4 item will be a juicy gift. how does it actually taste? there's no mistaking it is butter. it's really good, too, you can taste that cinnamon inside of it as well. try it for yourself. you have to come out here and take a bite. at the iowa state fair, eric
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hanson, news channel 8, iowa's news leader. >> we'll take your word for it. coming up, steve forbes on the volatile stock market and what needs to be done to get the u.s. economy back on track. plus the latest on the capture of the dougherty gang in colorado. and in these tough economic times a break from reality, a look at why hollywood may be recession-proof. that's the "cbs morning news" for this thursday. thanks for watching. i'm randall pinkston. make it a great day. -- captions by vitac -- www.vitac.com -- captions by vitac -- www.vitac.com
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